Basic Prerequisites for Selling a house in Rhode Island in 2022

Selling a house in Rhode Island can be choreographed into simple steps, but before that, you must be aware of the actual price of your home. You must find a real estate agent with great negotiation skills to go about the process.

Home Prices in The Rhode Island

According to a study conducted by a typical home in Rhode Island costs $4,29,686. This price is adjusted with every changing season and is inclusive of the middle price tier of homes. But 2022 has seen a substantial increase in the overall homeowner price around 17.6% over the previous year.

But the real estate market in the Ocean State (Rhode Island) is being revised by the realtors, knocking major home buyers out of the market.

Why are home prices increasing in Rhode Island?

Housing expenses (Providence) are approximately 22% more than the national average, with a 28% increase in utility prices. Also, bus fees, gas fees, and transportation fees have hiked. The overall price of groceries has also increased on a national average.

But according to the RI State’s Association of Realtors, the prices that hiked have returned to a comfortable figure, and the best time to buy a home in Rhode Island may be now. 

Steps to Sell a Home in the Rhode Island

Find an experienced real estate agent (realtor) who can deal with complex transactions, is aware of the local buyers, and can offer expert advice, support, and guidance.

When is the best time to sell a home in RI?

Once you know your real estate agent, decide the best time to sell. Let the median price come to a basic level. June to July is the best time to sell a home in Rhode Island as the home values increase by the end of the year.

How should you set a price for the home you wish to sell?

It is important to price your home correctly. Listing it too high or too low might not be conducive in the long run. The best way to go through this is a comparative market analysis. Take help from your realtor to prepare your CMA chart free of cost and without any obligation.

How should you stage your home?

To attract the most potential buyers who can pay the highest possible price – focus on the kitchen, the bathroom, the living room, and the outdoor living space. The way you stage your home can affect your buyer’s perspective. It helps you to sell the home faster. 

To make the most out of staging:

  • try to keep all the rooms clean, 
  • declutter them, 
  • depersonalize by removing family photos, artwork, and personal belongings, 
  • focus on fresh plants, 
  • get rid of pet odor, damp bathroom, last night’s dinner, and 
  • invite some aroma from scented candles and fresh flowers. 
  • Also, wipe the kitchen sink with lemon, dispose of the garbage and maintain hygiene.

Give a Definition to The Rooms – Let your visitors know – every room has a purpose and how well your home fulfills it. Give them an element of amusement along with the professional criteria. Let them know how they can create more space and squeeze out a store room to adjust their junk.

Give your walls a Midas touch by layering them with paint – Cover the flaky walls and rough crevices with plaster and paint before your visitors step in. How about deciphering the taste of your audience to make it highly personal? While walls are always ideal as it makes home buyers envision their own decor and makes for an easy starting point. But it is way better to paint the home with neutral shades according to the average temperature of the location.

Clean The Floor – Replace stained carpets with fresh ones for the common living room, dining room, and kitchen areas. 

Quick hacks can leave a positive first impression in the minds of home visitors and may incline them towards a potential purchase.

Check the room lighting – fix any lighting issues, so that it makes the rooms appear bigger and brighter. Dust off excess grime, and clean the corners, and any cobwebs.

Ensure that the existing furniture gels with the room’s surroundings. Remove extra chairs, and tables to make the room appear bigger. You do not have to arrange high-end furniture, but also not a cheap option. Ensure that the overall room looks tidy, and inviting.

The next step is to fix the walls, ceiling, and entrance of your home. Ensure that your lawn, trees, and hedges are in shape, neatly pruned, and out of weeds. Power wash your home exterior pathway to give it a final look.

What are the additional considerations?

In Rhode Island ensure that HVAC systems are in their top order, there is proper air conditioning in summers, and there is no heating. 

Promote your home on top real estate websites like Redfin, Zillow, and Picture a home walk Through and publish this video onsite. 

List your home on the MLS once all staging is done. The real estate agents can propagate it across to local portal sites and supply it with signage.

Once the home buyers make an offer, the home seller in Rhode Island must make a counteroffer if they do not find the first order satisfactory. The home seller typically gets three days to agree upon an offer made by the potential home buyer. 

Then the real estate purchase contract is drafted which enlists:

(1) the property details, 

(2) sales information, 

(3) the estimated closing date, 

(4) all list of contingencies (which also includes an inspection by buyers).

then the home buyer can deposit the signing amount, which is held in escrow until the sale is finalized. 

A purchase contract contains:

  • basic details of the sale, 
  • buyer financing, 
  • home appraisal, 
  • inspections, 
  • the upfront amount a buyer should pay, 
  • fixtures and appliances, 
  • legal disclosures, 
  • breakdown of all closing expenses, 
  • settlement and possession dates.

Appraisals are done to estimate the correct market value, along with a pre-sale inspection to ensure that the home is fit to be used. These steps can rectify major issues like faulty plumbing and leaking roofs, etc. The home buyers can renegotiate the deal with their agents depending upon such inspections.

Non Disclosure Agreements (Rhode Island Disclosure) must disclose any persistent issues with the home.

Note the necessary documents required during the selling process: 

  • Identity proofs (2 copies), 
  • copy of the purchase agreement and any addendums closing statements signed deeds, 
  • bill of sale, affidavit of title, loan payoff information, 
  • House owner association form, 
  • survey results survey affidavit, 
  • home inspection results, 
  • proof of renovation, 
  • warranty of home, and will/trust/letters from an attorney, 
  • disclosure, statement correction, and agreement, 
  • statement for flood zone, 
  • disclosure for lead-based paint.

While closing the deal a quick check will ensure that the property is free from any liens or assessments. The title company will get the signatures from the buyer once they prepare the deed and insurance. The buyer will have a final walkthrough and will sign the final loan documents. They are then handed the home keys and the process of selling a house is complete.

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